As with anything, communication breakdowns can occur often in M&A deals. Good communication is the key to any successful M&A transaction.
The following are tips on how to keep communication during the M&A strong and effective.
Establish a Specific Contact
Give one person the responsibility of giving and receiving messages the other side. Though it may seem like a lot of work, delegating these tasks to a single person will help you avoid anything getting lost in the shuffle. This also removes any extra work for others because you will not have to worry about two people working on the same exact task.
Pick Up the Phone
Avoid using email to communicate unless you want to communicate something that must be documented. If someone on your team needs to speak with the other side, have them pick up the phone. Speaking to someone on the phone conveys emotion and works especially well for communicating difficult information, because emotions are less likely to be misconstrued. Just remember not to become a bother by picking up the phone for every little question. A call does take more time out of their day. Rather, build up a list of questions to ask during your next phone call.
Assign each team member specific tasks and hold them accountable. That way, if there is a failure to communicate, you will know exactly who to contact in order to fix this problem.
If all else fails, know that the Business Brokerage experts at George & Company are just a phone call away.